Southern Veterinary lifts loan to $200 million, firms OID at 99.75

By Sara Rosenberg

New York, Sept. 21 – Southern Veterinary Partners LLC upsized its fungible incremental first-lien term loan (B-) due October 2027 to $200 million from $150 million and set the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the incremental first-lien term loan is Libor plus 400 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.

The incremental first-lien term loan has 101 soft call protection through Oct. 5.

The company is also getting a $100 million privately placed delayed-draw first-lien term loan (B-).

Jefferies LLC is the lead arranger on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Tuesday, accelerated from noon ET on Wednesday, the source added.

Proceeds will be used to fund the company’s acquisition pipeline.

Southern Veterinary is a Birmingham, Ala.-based provider of general practice veterinary services.

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